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US energy rally extends into Asian markets Australian stocks in strongest rally since January
(about 2 hours later)
Australian shares are off to a positive start on Thursday, boosted by a commodities-led rally in US stocks overnight. Australian markets have closed off the week in a shortened trading day on Christmas eve, with some holiday cheer.
The benchmark S&P/ASX 200 is up by a little over 1% and hovering around 5,200 points. The benchmark S&P ASX 200 got a lift from a commodities-led rally in US stocks overnight. The ASX 200 closed up 1.3% to 5,207 points.
If the gains continue, Australian shares are headed for their seventh straight day of gains. It is the seventh straight day of gains for the Australian market, and the longest winning streak since January.
Shares of major oil and gas producer BHP nudged up by nearly 5% in early Thursday trade. Shares of major oil and gas producer BHP nudged up by more than 5% in Thursday trade.
But Australia's largest trading partner - China is missing out on the rally. The benchmark Shanghai Composite has started the Thursday session down by 0.3% at around 3,622. But Australia's largest trading partner - China is missing out on the rally. The benchmark Shanghai Composite has remained in the negative column, down by 1.4% to around 3,585 at midday.
In Hong Kong, the Hang Seng index is up by 0.06% to 22,184. In Hong Kong, the Hang Seng index is up by 0.4% to 22,140.
In South Korea the benchmark Kospi is up, holding on to early morning gains, up by 0.45% to 2,007 points. In South Korea the benchmark Kospi is up, just marginally, holding steady at 2,000 points.
Shares of Hyundai Motor are also higher, up by 0.6%, on hopes that the car maker's union will be able to reach a deal with management over pay. Shares of Hyundai Motor are outpacing the gains on the main index, higher by 0.6%, on hopes that the car maker's union will be able to reach a deal with management over wages.
Union members will reportedly cast their vote on Monday, on a 4% rise in pay. Workers have gone on partial strike since the middle of December.Union members will reportedly cast their vote on Monday, on a 4% rise in pay. Workers have gone on partial strike since the middle of December.
Meanwhile in Japan the Nikkei 225 index returns to trade with a jump by 0.85% to 19,050 points. The market there was shut on Wednesday for a public holiday. Takata shares lower
Meanwhile in Japan the Nikkei 225 index is flat and trading below 19,000 points after opening higher by 0.85% to 19,050 points. The market there was shut on Wednesday for a public holiday.
Shares of airbag manufacturer Takata are down by 4.6% in Japan trade.
The auto safety agency in America - The US National Highway Traffic Safety Administration said that there has been an eighth fatality in the United States, linked to a faulty Takata airbag inflator.
That would bring the death tally to nine worldwide and it's the first reported death since April.
The Bank of Japan has released the minutes from its November meeting on monetary policy. The minutes showed that policymakers at the central bank are confident the Japanese economy has continued to "recover moderately, although exports and production have been affected by the slowdown in emerging economies".The Bank of Japan has released the minutes from its November meeting on monetary policy. The minutes showed that policymakers at the central bank are confident the Japanese economy has continued to "recover moderately, although exports and production have been affected by the slowdown in emerging economies".
Overnight in the US, stocks rallied on Wall Street, led by energy stocks. A rebound in oil prices led to renewed appetite for shares of oil and gas companies. Also in Japan, the cabinet of Prime Minister Shinzo Abe has approved a record fiscal 2016 budget, which counts on higher tax revenue to help Mr Abe achieve his aim of reviving the economy.
The oil producers' group Opec has said it expects oil prices to recover to $70 a barrel by 2020. Prices are currently around $37 a barrel due to oversupply and slowing demand. Starting April 1 next year, the total spending will be at 96.72 trillion Japanese yen ($800bn; £539bn). Defence spending also hit a record at 5.05 trillion yen and that is an increase for the fourth straight year.
Elsewhere in Asia, financial markets in Manila, Jakarta and Kuala Lumpur in Malaysia are closed on Thursday for public holidays.Elsewhere in Asia, financial markets in Manila, Jakarta and Kuala Lumpur in Malaysia are closed on Thursday for public holidays.